Didn't We Just Give Them an Endless Line of Credit?

I find it funny that the week after the US government signs a housing bill to bail out Fannie and Freddie Mac. Freddie Mac comes out this week and says "hey we lost way more money than anyone could have expected." I think this is a little frustrating on multiple levels. Why can’t we just let these companies fail? Oh that’s right they are too big to fail. If that’s the case then why don't we just nationalize both companies? That way if they do badly it’s on our back but if they do well we (the American people) will reap the benefits just like the large shareholders of these companies.  What do you guys think?  Is nationalizing Fannie and Freddie a better way to do things or am I wrong?

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